Nordic specialist investor Genesta has found a willing buyer for its Fab 9 office asset in Helsinki in the shape of a well-known German fund.
The property investor has exited the 7,600m2 office, which it acquired in 2016 and upgraded to BREEAM excellent status, to KanAm Grund Group.
The asset is almost fully leased, noted Genesta’s CEO David Neil.
Fab 9 is located on Kasarmitori Square in Kaartinkaupunki. The area is a preferred office location for several law firms and is home to multiple larger corporate headquarters. In 2020 the property was anchored by a top tier law firm occupying approximately 70% of the building.
CBRE and Aleksandra Attorneys advised Genesta in the transaction.
It was originally acquired and managed on behalf of GNRE Fund II, whose strategy is to provide value-add returns from office property investments in Stockholm, Copenhagen, Helsinki and Oslo. The fund also invests in retail and logistics properties in large metropolitan areas in the Nordic region.
